-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
      name:  <unnamed>
       log:  C:\Users\knm4642\Dropbox\Nha Meo Heo Beo\_JMP\WORKING FOLDER\Table A17_Director selection over time.log
  log type:  text
 opened on:  18 Feb 2026, 23:56:17

. 
. //PREPARE DATA
. use "Director CEO firm year sample.dta", clear

. * construct director type indicators
. cap drop *dir

. gen newdir = year == DIR_firstyear_key & year != DIR_lastyear_key & year != termendyr

. gen leftdir = year == DIR_lastyear_key & year != termendyr & DIR_age < 75 //90th percentile in age at leaving board

. gen remdir = DIR_firstyear_key < termstartyr & DIR_lastyear_key >= termendyr

. bysort boardid ceoid termno directorid: egen NEWdir = max(newdir)

. bysort boardid ceoid termno directorid: egen LEFTdir = max(leftdir)

. bysort boardid ceoid termno directorid: egen REMdir = min(remdir)

. * compute average trust by director type
. cap drop *dirtrust

. bysort boardid ceoid year: egen tempnew = mean(DIR_trust) if newdir
(300,725 missing values generated)

. bysort boardid ceoid year: egen newdirtrust = mean(tempnew)
(212,250 missing values generated)

. bysort boardid ceoid year: egen tempstay = mean(DIR_trust) if newdir & !LEFTdir
(305,518 missing values generated)

. bysort boardid ceoid year: egen staydirtrust = mean(tempstay)
(224,274 missing values generated)

. bysort boardid ceoid year: egen templeft = mean(DIR_trust) if leftdir
(312,093 missing values generated)

. bysort boardid ceoid year: egen leftdirtrust = mean(templeft)
(237,292 missing values generated)

. bysort boardid ceoid year: egen tempmean = mean(DIR_trust)
(170 missing values generated)

. bysort boardid ceoid year: egen meandirtrust = mean(tempmean)
(170 missing values generated)

. drop temp*

. * compute director counts
. bysort boardid ceoid year: egen countnew = sum(newdir)

. bysort boardid ceoid year: egen countstay = sum(newdir & !LEFTdir)

. bysort boardid ceoid year: egen countleft = sum(leftdir)

. bysort boardid ceoid year: gen count = _N

. * construct time period variables
. cap drop timesinceCEO* timeperiod

. gen timesinceCEO = min(year - termstartyr, 9)

. gen timesinceCEO2 = timesinceCEO^2

. gen timesinceCEO3 = timesinceCEO^3

. gen timeperiod = 1 if inrange(timesinceCEO, 0, 2)
(213,346 missing values generated)

. replace timeperiod = 2 if inrange(timesinceCEO, 3, 4)
(60,244 real changes made)

. replace timeperiod = 3 if inrange(timesinceCEO, 5, 6)
(45,532 real changes made)

. replace timeperiod = 4 if inrange(timesinceCEO, 7, 8)
(32,783 real changes made)

. replace timeperiod = 5 if timesinceCEO >= 9
(74,787 real changes made)

. * set globals
. global firm = "firmage firmage2"

. global ceo = "gender age age2 yrinco i.education"

. global sample = "year < 2012 & !nonUS & baselinesample"

. global cluster = "mainethcode"

. 
. 
. //PREPARE TABLE
. eststo clear

. * observation unit: directorid x boardid x ceoid x year
. eststo col1: /// new directors
>         reghdfe DIR_trust c.trust#i.timeperiod timesinceCEO* ${ceo} ${firm} ///
>         if ${sample} & newdir, a(boardid year) cluster(${cluster}) keepsin
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 9 iterations)

HDFE Linear regression                            Number of obs   =     17,218
Absorbing 2 HDFE groups                           F(  17,     37) =      11.22
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.2376
                                                  Adj R-squared   =     0.0506
                                                  Within R-sq.    =     0.0008
Number of clusters (mainethcode) =         38     Root MSE        =     0.0549

                                 (Std. err. adjusted for 38 clusters in mainethcode)
------------------------------------------------------------------------------------
                   |               Robust
         DIR_trust | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------------+----------------------------------------------------------------
timeperiod#c.trust |
                1  |   .0325842   .0165392     1.97   0.056    -.0009275    .0660959
                2  |   .0263658   .0166093     1.59   0.121    -.0072877    .0600194
                3  |   .0170788   .0175585     0.97   0.337    -.0184981    .0526558
                4  |   .0137592     .01947     0.71   0.484    -.0256908    .0532092
                5  |   .0215146   .0243046     0.89   0.382    -.0277312    .0707605
                   |
      timesinceCEO |  -.0006301   .0019867    -0.32   0.753    -.0046555    .0033952
     timesinceCEO2 |   .0006582   .0007018     0.94   0.354    -.0007638    .0020801
     timesinceCEO3 |  -.0000571   .0000614    -0.93   0.359    -.0001815    .0000674
            gender |  -.0026927   .0059687    -0.45   0.655    -.0147864     .009401
               age |   -.000188   .0009836    -0.19   0.849    -.0021809     .001805
              age2 |   2.54e-07   9.14e-06     0.03   0.978    -.0000183    .0000188
            yrinco |    .000195   .0001781     1.09   0.281    -.0001659    .0005558
                   |
         education |
                2  |   .0009749   .0044612     0.22   0.828    -.0080643    .0100141
                3  |  -.0015107   .0042775    -0.35   0.726    -.0101776    .0071563
                4  |   .0004179   .0054723     0.08   0.940      -.01067    .0115058
                   |
           firmage |    -.00171   .0007465    -2.29   0.028    -.0032226   -.0001974
          firmage2 |  -3.73e-06   8.27e-06    -0.45   0.655    -.0000205     .000013
             _cons |   .5770522   .0429909    13.42   0.000     .4899443      .66416
------------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     boardid |      3363           0        3363     |
        year |        12           1          11     |
-----------------------------------------------------+

.                 estadd local sample     "New"

added macro:
             e(sample) : "New"

.                 estadd local obsunit    "D-F-Y-CEO"

added macro:
            e(obsunit) : "D-F-Y-CEO"

.                 estadd local FE         "X"

added macro:
                 e(FE) : "X"

.                 estadd local controls   "X"

added macro:
           e(controls) : "X"

.                 distinct boardid if e(sample)

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      17218       3363

.                 eststo col1, add(nofirms r(ndistinct))
(e(nofirms) = 3363 added)

. eststo col2: /// stayin directors
>         reghdfe DIR_trust c.trust#i.timeperiod timesinceCEO* ${ceo} ${firm} ///
>         if ${sample} & newdir & !LEFTdir, a(boardid year) cluster(${cluster}) keepsin
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 9 iterations)

HDFE Linear regression                            Number of obs   =     14,428
Absorbing 2 HDFE groups                           F(  17,     37) =      10.09
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.2717
                                                  Adj R-squared   =     0.0494
                                                  Within R-sq.    =     0.0011
Number of clusters (mainethcode) =         38     Root MSE        =     0.0547

                                 (Std. err. adjusted for 38 clusters in mainethcode)
------------------------------------------------------------------------------------
                   |               Robust
         DIR_trust | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------------+----------------------------------------------------------------
timeperiod#c.trust |
                1  |     .04059   .0167691     2.42   0.021     .0066126    .0745674
                2  |   .0332385   .0162631     2.04   0.048     .0002864    .0661906
                3  |   .0280609   .0211854     1.32   0.193    -.0148648    .0709866
                4  |   .0220048   .0251615     0.87   0.387    -.0289771    .0729868
                5  |   .0235106   .0302734     0.78   0.442    -.0378291    .0848504
                   |
      timesinceCEO |   .0015988   .0019598     0.82   0.420    -.0023722    .0055698
     timesinceCEO2 |  -.0000702   .0009147    -0.08   0.939    -.0019236    .0017833
     timesinceCEO3 |   3.31e-06   .0000768     0.04   0.966    -.0001524     .000159
            gender |  -.0050436   .0050682    -1.00   0.326    -.0153128    .0052255
               age |  -.0002826   .0008596    -0.33   0.744    -.0020244    .0014591
              age2 |   9.25e-07   8.03e-06     0.12   0.909    -.0000153    .0000172
            yrinco |   .0001163   .0002361     0.49   0.625    -.0003621    .0005946
                   |
         education |
                2  |   .0007573   .0070731     0.11   0.915    -.0135742    .0150888
                3  |  -.0029437   .0068802    -0.43   0.671    -.0168844     .010997
                4  |  -.0008811   .0081106    -0.11   0.914    -.0173148    .0155526
                   |
           firmage |  -.0016922   .0011885    -1.42   0.163    -.0041003     .000716
          firmage2 |  -3.28e-06   8.54e-06    -0.38   0.703    -.0000206     .000014
             _cons |   .5794106    .039951    14.50   0.000     .4984621    .6603591
------------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     boardid |      3347           0        3347     |
        year |        12           1          11     |
-----------------------------------------------------+

.                 estadd local sample     "Staying"

added macro:
             e(sample) : "Staying"

.                 estadd local obsunit    "D-F-Y-CEO"

added macro:
            e(obsunit) : "D-F-Y-CEO"

.                 estadd local FE         "X"

added macro:
                 e(FE) : "X"

.                 estadd local controls   "X"

added macro:
           e(controls) : "X"

.                 distinct boardid if e(sample)

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      14428       3347

.                 eststo col2, add(nofirms r(ndistinct))
(e(nofirms) = 3347 added)

. eststo col3: /// leaving directors
>         reghdfe DIR_trust c.trust#i.timeperiod timesinceCEO* ${ceo} ${firm} ///
>         if ${sample} & leftdir, a(boardid year) cluster(${cluster}) keepsin
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 9 iterations)

HDFE Linear regression                            Number of obs   =     10,752
Absorbing 2 HDFE groups                           F(  17,     37) =      37.85
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.2897
                                                  Adj R-squared   =     0.0287
                                                  Within R-sq.    =     0.0030
Number of clusters (mainethcode) =         38     Root MSE        =     0.0529

                                 (Std. err. adjusted for 38 clusters in mainethcode)
------------------------------------------------------------------------------------
                   |               Robust
         DIR_trust | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------------+----------------------------------------------------------------
timeperiod#c.trust |
                1  |  -.0557121   .0239799    -2.32   0.026    -.1043001   -.0071242
                2  |   -.052018   .0250841    -2.07   0.045    -.1028433   -.0011927
                3  |  -.0322788   .0300906    -1.07   0.290    -.0932482    .0286906
                4  |  -.0158039   .0318122    -0.50   0.622    -.0802616    .0486537
                5  |   .0042043   .0330989     0.13   0.900    -.0628605     .071269
                   |
      timesinceCEO |   .0001632   .0021767     0.07   0.941    -.0042473    .0045737
     timesinceCEO2 |  -.0006563   .0009586    -0.68   0.498    -.0025986    .0012859
     timesinceCEO3 |   .0000191   .0000834     0.23   0.820      -.00015    .0001882
            gender |    .006578   .0071951     0.91   0.367    -.0080006    .0211565
               age |   .0013192   .0007345     1.80   0.081    -.0001691    .0028075
              age2 |  -9.11e-06   7.46e-06    -1.22   0.230    -.0000242    6.02e-06
            yrinco |   .0002103    .000175     1.20   0.237    -.0001443    .0005649
                   |
         education |
                2  |  -.0019901   .0073891    -0.27   0.789    -.0169619    .0129817
                3  |   .0022238   .0072617     0.31   0.761    -.0124898    .0169375
                4  |   .0010582   .0096105     0.11   0.913    -.0184145    .0205308
                   |
           firmage |   .0005812   .0017463     0.33   0.741    -.0029572    .0041196
          firmage2 |  -4.48e-06   4.39e-06    -1.02   0.314    -.0000134    4.41e-06
             _cons |    .526473   .0427537    12.31   0.000     .4398458    .6131002
------------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     boardid |      2862           0        2862     |
        year |        12           1          11     |
-----------------------------------------------------+

.                 estadd local sample     "Leaving"

added macro:
             e(sample) : "Leaving"

.                 estadd local obsunit    "D-F-Y-CEO"

added macro:
            e(obsunit) : "D-F-Y-CEO"

.                 estadd local FE         "X"

added macro:
                 e(FE) : "X"

.                 estadd local controls   "X"

added macro:
           e(controls) : "X"

.                 distinct boardid if e(sample)

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      10752       2862

.                 eststo col3, add(nofirms r(ndistinct))
(e(nofirms) = 2862 added)

. * observation unit: boardid x ceoid x year              
. egen tagbrdceoyr = tag(boardid ceoid year)

. eststo col4: /// new directors
>         reghdfe newdirtrust c.trust#i.timeperiod timesinceCEO* ${ceo} ${firm} ///
>         if ${sample} & tagbrdceoyr, a(boardid year) cluster(${cluster}) keepsin
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 8 iterations)

HDFE Linear regression                            Number of obs   =     10,430
Absorbing 2 HDFE groups                           F(  17,     37) =      12.26
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.3528
                                                  Adj R-squared   =     0.0411
                                                  Within R-sq.    =     0.0018
Number of clusters (mainethcode) =         38     Root MSE        =     0.0499

                                 (Std. err. adjusted for 38 clusters in mainethcode)
------------------------------------------------------------------------------------
                   |               Robust
       newdirtrust | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------------+----------------------------------------------------------------
timeperiod#c.trust |
                1  |   .0473908   .0173163     2.74   0.009     .0123045     .082477
                2  |   .0408394   .0177355     2.30   0.027     .0049038     .076775
                3  |   .0268925   .0198834     1.35   0.184    -.0133951    .0671801
                4  |   .0178544   .0215954     0.83   0.414     -.025902    .0616109
                5  |   .0221546   .0266198     0.83   0.411    -.0317823    .0760915
                   |
      timesinceCEO |  -.0010201   .0020063    -0.51   0.614    -.0050852    .0030451
     timesinceCEO2 |   .0009144   .0007734     1.18   0.245    -.0006526    .0024815
     timesinceCEO3 |  -.0000695    .000069    -1.01   0.320    -.0002094    .0000703
            gender |  -.0052454   .0075522    -0.69   0.492    -.0205475    .0100568
               age |  -.0001063   .0012346    -0.09   0.932    -.0026078    .0023952
              age2 |  -1.16e-06   .0000117    -0.10   0.921    -.0000248    .0000225
            yrinco |   .0001965   .0001921     1.02   0.313    -.0001927    .0005856
                   |
         education |
                2  |   .0048508   .0055286     0.88   0.386    -.0063512    .0160527
                3  |   .0035155   .0058115     0.60   0.549    -.0082598    .0152907
                4  |   .0047866   .0065384     0.73   0.469    -.0084614    .0180346
                   |
           firmage |  -.0017207   .0007546    -2.28   0.028    -.0032498   -.0001917
          firmage2 |  -3.40e-06   .0000103    -0.33   0.744    -.0000243    .0000175
             _cons |   .5690478   .0526835    10.80   0.000     .4623009    .6757947
------------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     boardid |      3363           0        3363     |
        year |        12           1          11     |
-----------------------------------------------------+

.                 estadd local sample     "New"

added macro:
             e(sample) : "New"

.                 estadd local obsunit    "F-Y-CEO"

added macro:
            e(obsunit) : "F-Y-CEO"

.                 estadd local FE         "X"

added macro:
                 e(FE) : "X"

.                 estadd local controls   "X"

added macro:
           e(controls) : "X"

.                 distinct boardid if e(sample)

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      10430       3363

.                 eststo col4, add(nofirms r(ndistinct))
(e(nofirms) = 3363 added)

. eststo col5: /// staying directors
>         reghdfe staydirtrust c.trust#i.timeperiod timesinceCEO* ${ceo} ${firm} ///
>         if ${sample} & tagbrdceoyr, a(boardid year) cluster(${cluster}) keepsin
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 8 iterations)

HDFE Linear regression                            Number of obs   =      9,293
Absorbing 2 HDFE groups                           F(  17,     37) =       9.71
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.3762
                                                  Adj R-squared   =     0.0206
                                                  Within R-sq.    =     0.0021
Number of clusters (mainethcode) =         38     Root MSE        =     0.0517

                                 (Std. err. adjusted for 38 clusters in mainethcode)
------------------------------------------------------------------------------------
                   |               Robust
      staydirtrust | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------------+----------------------------------------------------------------
timeperiod#c.trust |
                1  |   .0574101   .0181306     3.17   0.003     .0206739    .0941462
                2  |   .0518807   .0197902     2.62   0.013     .0117821    .0919794
                3  |   .0446752    .027205     1.64   0.109    -.0104474    .0997977
                4  |   .0354807   .0302564     1.17   0.248    -.0258246    .0967859
                5  |   .0312486   .0334844     0.93   0.357    -.0365973    .0990944
                   |
      timesinceCEO |    .001781   .0019962     0.89   0.378    -.0022636    .0058257
     timesinceCEO2 |  -.0001482   .0009729    -0.15   0.880    -.0021195    .0018231
     timesinceCEO3 |    .000018   .0000817     0.22   0.827    -.0001475    .0001835
            gender |  -.0060327    .006481    -0.93   0.358    -.0191645    .0070991
               age |  -.0005981   .0011204    -0.53   0.597    -.0028682    .0016721
              age2 |   2.84e-06   .0000105     0.27   0.789    -.0000185    .0000242
            yrinco |   .0001194   .0002565     0.47   0.644    -.0004004    .0006391
                   |
         education |
                2  |   .0022782   .0093504     0.24   0.809    -.0166676    .0212239
                3  |  -.0006297   .0095951    -0.07   0.948    -.0200711    .0188118
                4  |   .0009057   .0102741     0.09   0.930    -.0199117     .021723
                   |
           firmage |  -.0015236   .0011826    -1.29   0.206    -.0039197    .0008725
          firmage2 |  -2.64e-06   .0000103    -0.26   0.800    -.0000235    .0000183
             _cons |    .578075   .0496074    11.65   0.000     .4775609     .678589
------------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     boardid |      3347           0        3347     |
        year |        12           1          11     |
-----------------------------------------------------+

.                 estadd local sample     "Staying"

added macro:
             e(sample) : "Staying"

.                 estadd local obsunit    "F-Y-CEO"

added macro:
            e(obsunit) : "F-Y-CEO"

.                 estadd local FE         "X"

added macro:
                 e(FE) : "X"

.                 estadd local controls   "X"

added macro:
           e(controls) : "X"

.                 distinct boardid if e(sample)

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |       9293       3347

.                 eststo col5, add(nofirms r(ndistinct))
(e(nofirms) = 3347 added)

. eststo col6: /// leaving directors
>         reghdfe leftdirtrust c.trust#i.timeperiod timesinceCEO* ${ceo} ${firm} ///
>         if ${sample} & tagbrdceoyr, a(boardid year) cluster(${cluster}) keepsin
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 8 iterations)

HDFE Linear regression                            Number of obs   =      7,756
Absorbing 2 HDFE groups                           F(  17,     37) =      24.76
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.4059
                                                  Adj R-squared   =     0.0532
                                                  Within R-sq.    =     0.0040
Number of clusters (mainethcode) =         38     Root MSE        =     0.0474

                                 (Std. err. adjusted for 38 clusters in mainethcode)
------------------------------------------------------------------------------------
                   |               Robust
      leftdirtrust | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------------+----------------------------------------------------------------
timeperiod#c.trust |
                1  |  -.0518149   .0308484    -1.68   0.101    -.1143198    .0106899
                2  |  -.0505535   .0304436    -1.66   0.105     -.112238     .011131
                3  |  -.0347645   .0371788    -0.94   0.356    -.1100959    .0405668
                4  |  -.0187363    .039031    -0.48   0.634    -.0978205     .060348
                5  |   .0053057   .0371421     0.14   0.887    -.0699513    .0805628
                   |
      timesinceCEO |  -.0005805   .0026564    -0.22   0.828    -.0059628    .0048018
     timesinceCEO2 |  -.0001459   .0011973    -0.12   0.904    -.0025719    .0022802
     timesinceCEO3 |  -.0000243   .0001047    -0.23   0.817    -.0002364    .0001877
            gender |   .0073548   .0066136     1.11   0.273    -.0060455    .0207551
               age |   .0017706   .0008818     2.01   0.052    -.0000162    .0035573
              age2 |  -.0000143   9.23e-06    -1.55   0.130     -.000033    4.39e-06
            yrinco |   .0001704   .0001728     0.99   0.331    -.0001798    .0005205
                   |
         education |
                2  |  -.0022816   .0072354    -0.32   0.754    -.0169419    .0123786
                3  |   .0022213   .0067911     0.33   0.745    -.0115389    .0159814
                4  |   .0024407   .0099857     0.24   0.808    -.0177923    .0226737
                   |
           firmage |   .0011851   .0023057     0.51   0.610    -.0034867     .005857
          firmage2 |  -2.71e-06   4.37e-06    -0.62   0.539    -.0000116    6.15e-06
             _cons |   .5010189   .0604054     8.29   0.000     .3786258    .6234119
------------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     boardid |      2862           0        2862     |
        year |        12           1          11     |
-----------------------------------------------------+

.                 estadd local sample     "Leaving"

added macro:
             e(sample) : "Leaving"

.                 estadd local obsunit    "F-Y-CEO"

added macro:
            e(obsunit) : "F-Y-CEO"

.                 estadd local FE         "X"

added macro:
                 e(FE) : "X"

.                 estadd local controls   "X"

added macro:
           e(controls) : "X"

.                 distinct boardid if e(sample)

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |       7756       2862

.                 eststo col6, add(nofirms r(ndistinct))
(e(nofirms) = 2862 added)

. eststo col7: /// all directors
>         reghdfe meandirtrust c.trust#i.timeperiod timesinceCEO* ${ceo} ${firm} ///
>         if ${sample} & tagbrdceoyr, a(boardid year) cluster(${cluster}) keepsin
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 7 iterations)

HDFE Linear regression                            Number of obs   =     29,266
Absorbing 2 HDFE groups                           F(  17,     37) =      23.41
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.7946
                                                  Adj R-squared   =     0.7659
                                                  Within R-sq.    =     0.0039
Number of clusters (mainethcode) =         38     Root MSE        =     0.0122

                                 (Std. err. adjusted for 38 clusters in mainethcode)
------------------------------------------------------------------------------------
                   |               Robust
      meandirtrust | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------------+----------------------------------------------------------------
timeperiod#c.trust |
                1  |   .0086629   .0033363     2.60   0.013     .0019029    .0154229
                2  |    .008576   .0032856     2.61   0.013     .0019187    .0152333
                3  |   .0090594   .0035682     2.54   0.015     .0018296    .0162893
                4  |   .0094136   .0038811     2.43   0.020     .0015498    .0172774
                5  |   .0101111   .0042183     2.40   0.022     .0015641    .0186582
                   |
      timesinceCEO |  -.0005409   .0001534    -3.53   0.001    -.0008518     -.00023
     timesinceCEO2 |   .0001234   .0000755     1.63   0.111    -.0000296    .0002764
     timesinceCEO3 |  -9.42e-06   7.83e-06    -1.20   0.237    -.0000253    6.46e-06
            gender |  -.0014319    .001505    -0.95   0.348    -.0044814    .0016175
               age |   .0006887   .0002213     3.11   0.004     .0002403    .0011371
              age2 |  -6.23e-06   2.00e-06    -3.12   0.004    -.0000103   -2.18e-06
            yrinco |   .0000505   .0000223     2.27   0.029     5.32e-06    .0000956
                   |
         education |
                2  |  -.0010392    .002302    -0.45   0.654    -.0057035     .003625
                3  |  -.0016101   .0023797    -0.68   0.503    -.0064319    .0032116
                4  |  -.0007032   .0027071    -0.26   0.797    -.0061883     .004782
                   |
           firmage |  -.0003349   .0001727    -1.94   0.060    -.0006849    .0000151
          firmage2 |  -4.65e-06   2.24e-06    -2.08   0.045    -9.18e-06   -1.10e-07
             _cons |   .5447497   .0087075    62.56   0.000     .5271066    .5623928
------------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     boardid |      3555           0        3555     |
        year |        12           1          11     |
-----------------------------------------------------+

.                 estadd local sample     "All"

added macro:
             e(sample) : "All"

.                 estadd local obsunit    "F-Y-CEO"

added macro:
            e(obsunit) : "F-Y-CEO"

.                 estadd local FE         "X"

added macro:
                 e(FE) : "X"

.                 estadd local controls   "X"

added macro:
           e(controls) : "X"

.                 distinct boardid if e(sample)

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      29266       3555

.                 eststo col7, add(nofirms r(ndistinct))
(e(nofirms) = 3555 added)

. 
. global coeflist = "1.timeperiod#c.trust 2.timeperiod#c.trust 3.timeperiod#c.trust 4.timeperiod#c.trust 5.timeperiod#c.trust"

. esttab /*using "Table A17_Director selection over time.tex"*/, ///
>         cells(b(star fmt(3)) se(par fmt(3))) starlevels(* 0.1 ** 0.05 *** 0.01) ///
>         nomtitle collabels(none) label varwidth(25) ///
>         mgroups("Individual director's trust" "Average director's trust", pattern(1 0 0 1 0 0 0) ///
>                 prefix(\multicolumn{@span}{c}{) suffix(}) span) ///
>         keep(${coeflist}) order(${coeflist}) ///
>         coeflab(1.timeperiod#c.trust "Trust $\times$ 1(Tenure as CEO <= 2)" ///
>                         2.timeperiod#c.trust "Trust $\times$ 1(Tenure as CEO in [3, 4])" ///
>                         3.timeperiod#c.trust "Trust $\times$ 1(Tenure as CEO in [5, 6])" ///
>                         4.timeperiod#c.trust "Trust $\times$ 1(Tenure as CEO in [7, 8])" ///
>                         5.timeperiod#c.trust "Trust $\times$ 1(Tenure as CEO >= 9)") ///
>         stats(sample obsunit FE controls N nofirms, fmt(%9.0fc %9.0fc) ///
>                 lab("Director sample" "Observation unit" "Firm \& Year FEs" "Baseline controls" "Observations" "Firms"))

-----------------------------------------------------------------------------------------------------------------------------------------
                          \multicolumn{3}{c}{Individual director's trust} \multicolumn{4}{c}{Average director's trust}                   
                                   (1)             (2)             (3)             (4)             (5)             (6)             (7)   
-----------------------------------------------------------------------------------------------------------------------------------------
Trust $\times$ 1(Tenure~<        0.033*          0.041**        -0.056**         0.047***        0.057***       -0.052           0.009** 
                               (0.017)         (0.017)         (0.024)         (0.017)         (0.018)         (0.031)         (0.003)   
Trust $\times$ 1(Tenure~i        0.026           0.033**        -0.052**         0.041**         0.052**        -0.051           0.009** 
                               (0.017)         (0.016)         (0.025)         (0.018)         (0.020)         (0.030)         (0.003)   
Trust $\times$ 1(Tenure~i        0.017           0.028          -0.032           0.027           0.045          -0.035           0.009** 
                               (0.018)         (0.021)         (0.030)         (0.020)         (0.027)         (0.037)         (0.004)   
Trust $\times$ 1(Tenure~i        0.014           0.022          -0.016           0.018           0.035          -0.019           0.009** 
                               (0.019)         (0.025)         (0.032)         (0.022)         (0.030)         (0.039)         (0.004)   
Trust $\times$ 1(Tenure~>        0.022           0.024           0.004           0.022           0.031           0.005           0.010** 
                               (0.024)         (0.030)         (0.033)         (0.027)         (0.033)         (0.037)         (0.004)   
-----------------------------------------------------------------------------------------------------------------------------------------
Director sample                    New         Staying         Leaving             New         Staying         Leaving             All   
Observation unit             D-F-Y-CEO       D-F-Y-CEO       D-F-Y-CEO         F-Y-CEO         F-Y-CEO         F-Y-CEO         F-Y-CEO   
Firm \& Year FEs                     X               X               X               X               X               X               X   
Baseline controls                    X               X               X               X               X               X               X   
Observations                    17,218          14,428          10,752          10,430           9,293           7,756          29,266   
Firms                            3,363           3,347           2,862           3,363           3,347           2,862           3,555   
-----------------------------------------------------------------------------------------------------------------------------------------

. 
. cap log close
